California Resources (NYSE:CRC) Now Covered by Analysts at Truist Financial

Truist Financial started coverage on shares of California Resources (NYSE:CRC) in a research report issued on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $75.00 price target on the oil and gas producer’s stock. Truist Financial’s target price would suggest a potential upside of 42.10% from the company’s current price.

CRC has been the topic of a number of other research reports. StockNews.com raised shares of California Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Stephens started coverage on California Resources in a report on Tuesday, October 22nd. They set an “overweight” rating and a $73.00 price target on the stock. Barclays upped their price target on California Resources from $55.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. TD Cowen boosted their target price on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group began coverage on California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 price target for the company. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $66.83.

California Resources Trading Up 0.3 %

Shares of CRC stock opened at $52.78 on Monday. The business has a 50-day moving average of $54.89 and a 200 day moving average of $52.48. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.97 and a quick ratio of 0.89. California Resources has a 1-year low of $43.09 and a 1-year high of $60.41. The stock has a market capitalization of $4.82 billion, a PE ratio of 8.31, a P/E/G ratio of 1.35 and a beta of 1.05.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The business’s quarterly revenue was up 194.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Resources will post 3.58 earnings per share for the current year.

Insider Activity

In other California Resources news, EVP Omar Hayat sold 16,016 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $55.18, for a total transaction of $883,762.88. Following the completion of the sale, the executive vice president now directly owns 30,940 shares in the company, valued at approximately $1,707,269.20. This trade represents a 34.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the completion of the transaction, the vice president now directly owns 8,531 shares of the company’s stock, valued at $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.03% of the company’s stock.

Institutional Investors Weigh In On California Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in California Resources by 22.8% in the 4th quarter. GAMMA Investing LLC now owns 1,196 shares of the oil and gas producer’s stock worth $62,000 after buying an additional 222 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of California Resources by 475.8% during the 3rd quarter. Tidal Investments LLC now owns 30,231 shares of the oil and gas producer’s stock valued at $1,586,000 after acquiring an additional 24,981 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of California Resources by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after acquiring an additional 55,815 shares during the period. MML Investors Services LLC raised its holdings in shares of California Resources by 33.6% during the third quarter. MML Investors Services LLC now owns 7,183 shares of the oil and gas producer’s stock valued at $377,000 after purchasing an additional 1,808 shares during the last quarter. Finally, iA Global Asset Management Inc. lifted its position in California Resources by 30.6% during the third quarter. iA Global Asset Management Inc. now owns 4,870 shares of the oil and gas producer’s stock valued at $256,000 after purchasing an additional 1,140 shares during the period. Institutional investors own 97.79% of the company’s stock.

California Resources Company Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.